In a recent podcast episode, Paul sat down with Len Fridman, the CEO and Co-Founder of WellnessLiving, a prominent SAS platform tailored for fitness and wellness businesses. In this article, we delve into the valuable insights shared by Len on leveraging data to scale your fitness business.
With a mission to offer an all-in-one solution for smooth business operations, WellnessLiving prioritizes customer experiences and utilizes data to drive growth.
The Heart of WellnessLiving: Empowering Businesses with Data-Driven Insights
WellnessLiving stands out as a software company with a heart, focusing on the success of fitness and wellness businesses. By transforming data into actionable insights, they empower business owners to elevate member experiences, leading to improved retention rates and reduced churn. Moreover, these insights can optimize marketing campaigns and guide strategic decisions, propelling businesses towards sustainable growth.
WellnessLiving’s dedication to serving its clients was highlighted when it received recognition in 2021 and 2022 as one of the Deloitte Technology Fast 500™, attesting to their rapid growth and commitment to customer success.
Len credits the company’s 272% revenue growth to their customer-focused approach and vision to provide the fitness and wellness industry with the tools, resources, and support they need to manage and grow their businesses—a truly all-in-one solution.
From Fitness Enthusiast to Business Innovator: Len’s Journey
Len’s journey to co-founding WellnessLiving is both inspiring and relatable. Once a competitive tennis player turned fitness enthusiast, Len embarked on a path to fitness entrepreneurship. He transitioned from a boot camp fitness business to creating WellnessLiving with a partner. This software platform began as a marketing tool for partner studios, which eventually evolved into the comprehensive solution it is today.
Overcoming the Fear of Change: Embracing Business Management Software
For many fitness business owners, the prospect of implementing new software can be intimidating. However, as Len explains, embracing change is crucial for business evolution. Transitioning to business management software allows entrepreneurs to align with their goals, fostering collaboration with senior leadership and paving the way for growth. WellnessLiving’s approach emphasizes partnership and empathy, positioning them as a software company with a heart.
Transforming Data into Actionable Insights
Data holds the key to unlocking business potential, and WellnessLiving recognizes the significance of turning data into actionable insights. By tapping into data analytics, fitness businesses can gain a deeper understanding of their members’ behaviors and preferences. This information can then drive strategic decisions, enhance service offerings, and boost member satisfaction. WellnessLiving’s commitment to its customers extends beyond software, aiming to cultivate growth through informed choices.
Developing AI-Powered Solutions for Member Churn
“One of the biggest challenges for any fitness organization is member churn, a member not continuing the following month. If you have a leaky bucket, pouring water in it will never fill it up. So our challenge was how can we leverage data, AI, and machine learning to help businesses manage churn more efficiently.”
— Len Fridman —
Collaborating with York University’s machine learning lab, they developed the Isaac AI Assistant. This innovative tool predicts members with a high probability of churning, enabling proactive outreach and personalized communication. Utilizing AI and machine learning, WellnessLiving equips businesses with the means to build stronger member relationships, increase retention, and reduce churn effectively.
Predicting The Future of AI in the Fitness Industry
Len envisions a future where AI plays a pivotal role in the fitness industry. As AI technology advances, fitness businesses can anticipate more robust data insights and actionable recommendations.
WellnessLiving’s commitment to user-friendly interfaces ensures that businesses can effortlessly access and utilize AI-generated insights. The ability to tailor dashboards and access real-time data and statistics empowers business owners to make informed decisions promptly.
“It is vital to have an easy to use and customisable dashboard that allows you to quickly see trends in your business to make important business decisions. WellnessLiving is famous for is having that ability to customise the dashboard and having a variety of graphs and statistics that you can actually drill down.”
— Len Fridman —
Creating Personalization and Omnichannel Experiences
Personalization is the key to engaging members effectively. Len emphasizes the importance of understanding member preferences, purchase behaviors, and class attendance. With a strong focus on creating seamless experiences, WellnessLiving advocates for an omnichannel approach. This approach integrates all customer touchpoints, ensuring a consistent and unified experience across physical locations, apps, websites, and virtual classes. By offering flexibility and convenience, fitness businesses can enhance member engagement and loyalty.
“If you want to continue scaling your business, you really must have a firm grasp on your members, which products they’re buying, and what classes they’re taking so you can make educated business decisions. If you have thousands of members and you want to send out targeted email campaigns, you have to segment your market to tailor your solutions to what they actually want.”
— Len Fridman —
Intrigued by the insights shared by Len? WellnessLiving invites fitness business owners to explore their platform through a demo. With an impressive conversion rate, the likelihood of joining the WellnessLiving family is high. By embracing data-driven strategies and leveraging cutting-edge technology, you can position your fitness business for scalable growth and enduring success.
Contact us at Wexer and we can share a wealth of knowledge on how data can drive growth in the fitness industry. From overcoming the fear of change to harnessing the power of AI and creating seamless member experiences, these strategies can transform your fitness business and pave the way for sustained growth. As the industry evolves, embracing data-driven approaches will be instrumental to achieving success and staying ahead of the curve.
Find out how Wexer’s unparalleled data, technology and content library can help you leverage your data to benefit your business in 2023: info@wexer.com
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Wexer Podcast 22